Hotels cash in on F1 event, hike rates by up to 70%
The Formula One event at the Buddha International Circuit (BIC) has provided a major boost to the hospitality industry in Noida and Greater Noida. Hotels and guest houses have started cashing in on the influx of visitors, especially during the last week of October.india Updated: Sep 19, 2012 13:01 IST
The Formula One event at the Buddha International Circuit (BIC) has provided a major boost to the hospitality industry in Noida and Greater Noida. Hotels and guest houses have started cashing in on the influx of visitors, especially during the last week of October.
The second edition of the Indian Grand Prix will be held at BIC in Greater Noida from October 26 to 28 this year.
The twin cities boast of over a dozen luxury hotels and most of them have witnessed a great surge for room bookings.
With F1 taking place next month, the demand for rooms has shot up. We have 127 rooms. Over 50 per cent of them are booked so far. The event has given us a week season,” said Meenu Shekhawat of Raddison Blu MBD Hotel, Noida.
During the Grand Prix, hotels are selling their rooms for around 50-70 per cent higher than the month average.
“Our normal package ranges between R12,500 to R35,000. During the Formula One event period, the rates are hiked that range between R18,000 to R55,000. We have 88 rooms and all of them are booked for the event,” said Himanshu Nangia of Park Plaza Hotel.
Rohan Roy Sehgal of Hotel Formule 1, a budget hotel located in Greater Noida, said, “We started operation in April this year. This is our first season for the Formula 1 event. It has provided hotel business an annual season.”
“Our normal package rate for a single room is R2,112 per night. For Formula 1 period, we have hiked rates to R7,000 per night,” said Sehgal.
Other hotels and guest houses in the city have echoed similar views and felt that Formula One assured them at least a week’s booking.
Around one lakh spectators are expected to watch the event. Of them, 60 per cent are expected to stay in hotels and guest houses.
Some hotels in twin cities:
Name of hotels No. of rooms
Raddison Blu Noida 127
Mosaic Hotel Noida 48
Park Plaza Hotel Noida 88
Radisson Blu Hotel G Noida 196
Jaypee Green Spa & resort G Noida 170
Nirulas Hotel, Noida 40
Hotel Formule 1, G Noida 114